Starpharma completes $32M entitlement offer
- Starpharma completed its fully underwritten entitlement offer, raising $32 million before costs.
- The offer received a 99% take-up rate from existing shareholders alongside $5.4 million in oversubscription applications.
- The proceeds will fund clinical trials and advance the company's portfolio of targeted oncology assets.
Starpharma (ASX:SPL) completed a fully underwritten entitlement offer to raise $32 million in new capital before costs.
The transaction closed with a take-up rate of approximately 99% from existing shareholders, which included $5.4 million in applications under the oversubscription facility.
The board is very pleased with this outcome and thanks all participants for their support,' stated Starpharma.
A total of 56,126,514 new shares are expected to be allotted, while underwriter Canaccord Genuity (Australia) subscribed for or procured subscriptions for $0.5 million in shortfall shares.
The company stated that the capital will support the planned first-in-human and dose escalation stages of the DEP HER2-Lu Phase 1 study, as well as the advancement of additional oncology assets.
Following the announcement, the Starpharma share price was down at $0.70.
Over the past 12 months, the business has advanced its DEP HER2-Lutetium programme, progressed strategic partnerships, and strengthened its internal discovery pipeline.
